The Determinants of Credit Ratings in the United Kingdom Insurance Industry
利用1993-1997年英国保险公司的面板数据，分析影响保险公司获得外部信用评级及评级高低的因素，发现不同评级机构的决定因素存在差异。
This paper examines the determinants of external credit ratings attained by insurance firms in the United Kingdom (UK) and of the likelihood that insurers will have such an assessment. Using panel data relating to A.M. Best‐rated and Standard and Poor's (S&P)‐rated insurers over the period 1993–1997, a trichotomous logit model and an ordered probit model with sample selection are employed to show that the factors which influence the likelihood of having external credit assessments not only vary between the two agencies but also differ from those which determine the ratings themselves. Our results are shown to be of potential interest to participants in the insurance industry and policy‐makers alike.